Recove, a B2B startup working to transform India’s plastic recycling supply chain, has secured ₹5.3 crore in its first external funding round. The round was led by US-based Momentum Capital, with participation from prominent investors including Ganesh Natarajan (former CEO of Aptech & Zensar), Ashish Goel (co-founder, Urban Ladder), Chaitanya Kejriwal, and Shruti Deorah.
Founded in 2024 by Viral Chhajer, Nirja Bhatt, and Sharan Subaiah, Recove is developing India’s first technology-driven B2B marketplace for plastic recycling. The platform aims to give recyclers consistent access to high-quality raw materials through tech-enabled supply chains and pre-processing facilities.
The fresh capital, therefore, will fuel Recove’s nationwide expansion. In addition, it will enable the company to scale its marketplace and build the critical infrastructure needed to supply recyclers with consistent, high-quality inputs. As a result, Recove aims to unlock billions of rupees in untapped material value. Furthermore, the company seeks to improve India’s recycling rates and, ultimately, accelerate the country’s transition toward a circular economy.
Commenting on the milestone, Viral Chhajer, CEO & Co-Founder of Recove, said, “Partnering with Momentum Capital marks a pivotal moment for Recove as we work to transform India’s recycling industry and accelerate India’s transition to a fully circular economy. This investment will accelerate our expansion and enable us to invest in key pre-processing infrastructure across the recycling supply chain, starting with plastics. Our mission is not only to raise recycling rates, but to unlock billions in lost material value, delivering measurable economic gains for our customers and meaningful environmental impact for the country.”
India’s rapid urbanization, growing population, and rising incomes have led to an unprecedented surge in municipal solid waste. Recove is working to bridge this gap by creating a B2B marketplace that directly links plastic waste suppliers with recycling companies, ensuring recyclers gain consistent access to reliable, high-quality raw materials.
Ankur Shrivastava, Managing Partner at Momentum Capital, said “We see a massive, underfunded opportunity in waste recycling, and Recove is at the forefront of this crucial shift towards establishing a circular economy. India’s rapidly growing municipal solid waste problem, combined with a strong push for recycling mandates, creates the perfect landscape for Recove. We are incredibly impressed by their sound approach and the strength of their founding team, which brings a wealth of strategic, financial, and operational expertise in the cleantech space.”
Through the integration of technology and in-house pre-processing hubs, Recove is bringing greater transparency, efficiency, and scalability to the recycling supply chain. In just one year, the company has already optimized procurement processes for more than 30 plastic recycling companies across India.
